great tax loss booked 14FY

Smart Management, least to say:

The recorded loss for the financial year 2014 was largely due to slippage in manufacturing schedules which resulted in an inability to deliver significant Defence orders to the value of some $587k by 30 June 2014. Whilst this slippage of orders had an impact on financial year 2014 results, it has provided a healthy start to financial year 2015 with purchase orders to the value of $3.14m already on hand.

It is anticipated that customer demands for specialist Unmanned Aerial Vehicle services will increase throughout
financial year 2015 and the Company believes that it is in a strong position to benefit from any such procurement/lease opportunities.

The Company considers itself well placed to secure increased sales of its diverse and sophisticated range of Agency equipment / service solutions in financial year 2015. This assumption is based on a perception of client requirements, anticipated Government tenders due for release in financial year 2015 and the positive interest and feedback received from end users regarding XTEK products and services.

Total current assets 2,519,056 (2014) 2,088,813 (2013)
Total current liabilities 1,406,739 (2014) 1,602,825 (2013)